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Current as of February 09, 2022 | Updated by FindLaw Staff
Sec. 3. A local unit shall not be a party to an ACH arrangement unless the governing body of the local unit has adopted a resolution to authorize electronic transactions and the treasurer or the ETO of the local unit has presented a written ACH policy to the governing body. The ACH policy shall include all of the following:
(a) That an officer or employee designated by the treasurer or ETO is responsible for the local unit's ACH agreements, including payment approval, accounting, reporting, and generally for overseeing compliance with the ACH policy.
(b) That the officer or employee responsible for disbursement of funds shall submit to the local unit documentation detailing the goods or services purchased, the cost of the goods or services, the date of the payment, and the department levels serviced by payment. This report can be contained in the electronic general ledger software system of the local unit or in a separate report to the governing body of the local unit.
(c) A system of internal accounting controls to monitor the use of ACH transactions made by the local unit.
(d) The approval of ACH invoices before payment.
(e) Any other matters the treasurer or ETO considers necessary.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 124. Municipalities § 124.303 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-124-municipalities/mi-comp-laws-124-303/
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